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Denmark is the only EU member state which has been granted an exemption from using the euro. [1] Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.
A tender for minting the Latvian euro coins began on 20 September 2012. [46] [51] On 10 December 2012, it was announced that Latvia will utilise the Baden-Württemberg Mint. [45] [52] The coins were minted in Stuttgart except the 1 cent, 10 cent and 1 euro coins, which were minted in Karlsruhe. The production of Latvian euros began in July 2013 ...
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. [29] [30] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
The euro has dived to its lowest level against the dollar in 20 years, underlining the sense of foreboding in the 19 European countries that use it.
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, [33] a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. [34]
The base areas are already de facto members of the eurozone due to their previous use of the Cypriot pound and their adoption of the euro as legal tender from 2008. [76] Because Cypriot nationality law extends to Cypriots in the sovereign base areas, Cypriot residents, as citizens of the Republic of Cyprus, are entitled to EU citizenship.
The euro was established in 1999, but "for the first three years it was an invisible currency, used for accounting purposes only, e.g. in electronic payments". [2] In 2002, notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.